Meritage Group LP Purchases Shares of 2,593 Wynn Resorts, Limited (NASDAQ:WYNN)

Meritage Group LP purchased a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNNFree Report) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 2,593 shares of the casino operator’s stock, valued at approximately $236,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in shares of Wynn Resorts by 3,000.0% in the fourth quarter. Blue Trust Inc. now owns 279 shares of the casino operator’s stock valued at $25,000 after acquiring an additional 270 shares during the period. Sunbelt Securities Inc. boosted its position in shares of Wynn Resorts by 4,285.7% in the third quarter. Sunbelt Securities Inc. now owns 307 shares of the casino operator’s stock valued at $28,000 after acquiring an additional 300 shares during the period. GAMMA Investing LLC bought a new stake in shares of Wynn Resorts in the fourth quarter valued at approximately $38,000. Venturi Wealth Management LLC boosted its position in shares of Wynn Resorts by 1,083.8% in the fourth quarter. Venturi Wealth Management LLC now owns 438 shares of the casino operator’s stock valued at $40,000 after acquiring an additional 401 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Wynn Resorts by 47.5% in the fourth quarter. Federated Hermes Inc. now owns 435 shares of the casino operator’s stock valued at $40,000 after acquiring an additional 140 shares during the period. Institutional investors and hedge funds own 68.87% of the company’s stock.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN traded up $2.34 during midday trading on Friday, reaching $94.88. The company’s stock had a trading volume of 2,004,892 shares, compared to its average volume of 1,598,024. Wynn Resorts, Limited has a fifty-two week low of $81.65 and a fifty-two week high of $112.25. The company has a market capitalization of $10.63 billion, a P/E ratio of 13.00 and a beta of 1.91. The business’s fifty day simple moving average is $98.52 and its 200-day simple moving average is $96.21.

Wynn Resorts (NASDAQ:WYNNGet Free Report) last announced its earnings results on Tuesday, May 7th. The casino operator reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.16. Wynn Resorts had a negative return on equity of 46.04% and a net margin of 12.36%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the company posted $0.29 earnings per share. The firm’s quarterly revenue was up 30.9% compared to the same quarter last year. On average, analysts forecast that Wynn Resorts, Limited will post 5.66 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.05%. Wynn Resorts’s dividend payout ratio (DPR) is presently 13.70%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WYNN. Citigroup increased their price objective on Wynn Resorts from $132.00 to $138.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company increased their price objective on Wynn Resorts from $125.00 to $128.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Stifel Nicolaus increased their price objective on Wynn Resorts from $135.00 to $138.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Mizuho initiated coverage on Wynn Resorts in a research report on Thursday, April 4th. They issued a “buy” rating and a $131.00 target price for the company. Finally, Susquehanna raised their target price on Wynn Resorts from $105.00 to $115.00 and gave the stock a “positive” rating in a research report on Thursday, February 8th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.79.

Read Our Latest Research Report on WYNN

Insider Activity

In related news, Director Betsy S. Atkins sold 2,446 shares of Wynn Resorts stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total value of $230,877.94. Following the completion of the sale, the director now directly owns 9,226 shares in the company, valued at $870,842.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.52% of the stock is currently owned by corporate insiders.

Wynn Resorts Company Profile

(Free Report)

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.

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Institutional Ownership by Quarter for Wynn Resorts (NASDAQ:WYNN)

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